Greg Palast/ George of Arabia: Better kiss your Abes Goodbye.
excerpt but go read it if you can
Since taking office, Bush has doubled the federal debt to more than $5 trillion. And, according to US Treasury figures, on net, foreign investors have purchased close to 100% of that debt. That's $3 trillion borrowed from the Saudis, the Chinese, the Japanese and others.
Now, Bush, our Debt Junkie-in-Chief, needs another fix. The US Treasury, Citibank, Merrill-Lynch and other financial desperados need another hand-out from Abdullah's stash. Abdullah, in turn, gets this financial juice by pumping it out of our pockets at nearly $100 a barrel for his crude.
Bush needs the Saudis to charge us big bucks for oil. The Saudis can't lend the US Treasury and Citibank hundreds of billions of US dollars unless they first get these US dollars from the US. The high price of oil is, in effect, a tax levied by Bush but collected by the oil industry and the Gulf kingdoms to fund our multi-trillion dollar governmental and private debt-load.
The US Treasury is not alone in its frightening dependency on Arabian loot. America's private financial institutions are also begging for foreign treasure. Yesterday, King Abdullah's nephew, Prince Alwaleed bin Talal, already the top individual owner of Citibank, joined the Kuwait government's Investment Authority and others to mainline a $12.5 billion injection of capital into the New York bank. Also this week, the Abu Dhabi government and the Saudi Olayan Group are taking a $6.6 billion chunk of Merrill-Lynch. It's no mere coincidence that Bush is in Abdullah's tent when the money-changers made the deal just outside it.
Bush is there to assure Abdullah that, unlike Dubai's ports purchase debacle, there will be no political impediment to the Saudi's buying up Citibank nor the isle of Manhattan.
Now I think a lot of the Iran sword waving is just to make us seem relevant to the public, over there and over here, while the Saudi Royals and Bushco continue to pocket the profits from their "special" friendship. Something worth dancing about for them it seems.
Photo is from Bob Cesca: Bush Shouldn't Play with Sharp Objects